Fed Officials Temper Hopes for Rate Cuts, Sparking Market Pullback

• Hawkish Fed comments lead to sharp market reversal, cooling hopes for imminent rate cuts • Chicago Fed President voices significant concern about persistent housing inflation • Cleveland Fed President doubts 2023 disinflation pace will match 2022 • Minneapolis Fed President questions need for rate cuts if inflation stalls • Major market indexes like DIA, QQQ, SPY and IWM close 0.7-1% lower on heightened rate cut uncertainties